The COVID-19 recession is already expected to be deeper than the Great Recession that ended in 2009, but the recovery could be quicker. While economic recovery is expected after the COVID-recession, how fast the economy picks back up depends on several factors.
University of Illinois Springfield Professor Kenneth Kriz said there are two possible economic recoveries once the state lifts the government-imposed economic shutdown that was implemented to slow the spread of COVID-19.
“A V-shaped recession would be an immediate bounce back, that’s what the National Association of Business Economists see,” Kriz said. “Some other forecasters have looked at a U-shape, which would be a slightly longer recovery period.”
Ultimately, Kriz said the longer the COVID-19 recession lasts, the greater the toll on state and local government revenue.
UIS professor Beverly Bunch said when the stay-at-home orders are lifted, not everything will get turned back on in a day.
“Clearly the governor has asked people not to plan large events,” Bunch said. “Conferences that are being scheduled for the fall are still in limbo whether they’re going to happen or whether they’re going to go online.”
She said a lot of it will also depend on the advice being given out by public health officials.
This article appeared on The Center Square on April 10, 2020.
Read the entire article online.
Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts
Monday, April 13, 2020
Monday, August 21, 2017
UIS Student, Flota earns top intern award
Trevor Flota, business administration major at the University of Illinois Springfield and 2017 graduate has been awarded the Northwestern Mutual Top Financial Representative Intern Award.
Flota finished as the first place intern in the country to receive the award, which honors his achievements as an outstanding performer for helping clients achieve financial security.
"Trevor is helping individuals and families in St. Louis and the surrounding communities build financial security plans to reach their financial goals," said Michael Van Grinsven, Northwestern Mutual internship program director.
"With the experience the internship program provides, Trevor developed a deeper understanding of the industry and is able to implement new skills that help make a difference in his clients' lives."
Northwestern Mutual celebrates the 50th anniversary of its industry-leading financial representative internship program this year and to date, 50,000 students nationwide have participated in the program.
This story appeared in the Mt. Vernon Register-News on August 21, 2017.
Read the entire article online.
Flota finished as the first place intern in the country to receive the award, which honors his achievements as an outstanding performer for helping clients achieve financial security.
"Trevor is helping individuals and families in St. Louis and the surrounding communities build financial security plans to reach their financial goals," said Michael Van Grinsven, Northwestern Mutual internship program director.
"With the experience the internship program provides, Trevor developed a deeper understanding of the industry and is able to implement new skills that help make a difference in his clients' lives."
Northwestern Mutual celebrates the 50th anniversary of its industry-leading financial representative internship program this year and to date, 50,000 students nationwide have participated in the program.
This story appeared in the Mt. Vernon Register-News on August 21, 2017.
Read the entire article online.
Tuesday, April 16, 2013
Topinka says tax dollars paying for debt
Monday is the last day to file taxes. You might wonder where your money goes. The Illinois Comptroller says, "down the drain."
Judy Baar Topinka says taxpayers see nothing in return and their money is going toward interest owed on unpaid bills; and the debt continues climbing year after year.
The state owes a lot of money to a lot of people. That's frustrating for Frances Chaplain. She works at UIS.
"There's no light at the end of the tunnel for it to stop, because every time you see something in the paper, it's just getting deeper and deeper every time," said Chaplain.
The state is working to pay down all that debt and is using your tax dollars to do it. So far this year, $47-million has been spent on interest alone; last year, about $86-million.
"The $86-million could go to the pension fund. It could go to human services. It could go toward building highways. Where does it go? To pay debt," said Ron McNeil, dean of the UIS College of Business and Management.
The story aired on WCIA-TV on April 15, 2013.
Watch the story online
Judy Baar Topinka says taxpayers see nothing in return and their money is going toward interest owed on unpaid bills; and the debt continues climbing year after year.
The state owes a lot of money to a lot of people. That's frustrating for Frances Chaplain. She works at UIS.
"There's no light at the end of the tunnel for it to stop, because every time you see something in the paper, it's just getting deeper and deeper every time," said Chaplain.
The state is working to pay down all that debt and is using your tax dollars to do it. So far this year, $47-million has been spent on interest alone; last year, about $86-million.
"The $86-million could go to the pension fund. It could go to human services. It could go toward building highways. Where does it go? To pay debt," said Ron McNeil, dean of the UIS College of Business and Management.
The story aired on WCIA-TV on April 15, 2013.
Watch the story online
Monday, December 17, 2012
Traditional holiday-time employee bonuses fading away
Donna Rogers, an instructor at the University of Illinois Springfield’s College of Business and Management, said there has been a marked shift in the business world from benevolent gifts to merit-based bonuses.
For starters, she said it protects companies from discrimination allegations for celebrating a religious-based holiday. But it also reinforces good work habits.
“Corporations and larger organizations are getting rid of (holiday bonuses) and making it more business oriented, whether related to the profit of the company where everyone shares or strictly performance based,” Rogers said. “It focuses more on identifying those high-performers working hard.
“It hurts morale when those individuals get the same benefit as the people sitting on their butts not doing anything.”
Rogers was featured by the State Journal-Register on December 16, 2012.
Read the article online
For starters, she said it protects companies from discrimination allegations for celebrating a religious-based holiday. But it also reinforces good work habits.
“Corporations and larger organizations are getting rid of (holiday bonuses) and making it more business oriented, whether related to the profit of the company where everyone shares or strictly performance based,” Rogers said. “It focuses more on identifying those high-performers working hard.
“It hurts morale when those individuals get the same benefit as the people sitting on their butts not doing anything.”
Rogers was featured by the State Journal-Register on December 16, 2012.
Read the article online
Monday, November 26, 2012
The “fiscal cliff” and the argument for progressive taxation
We’re likely to continue hearing the term “fiscal cliff” as President Obama and congressional leaders work toward a deficit-reduction deal ahead of a December 31st deadline.
Most Republicans in Washington are staunchly opposed to raising tax rates on the wealthiest Americans to help reduce the deficit.
But an author and philosophy scholar at the University of Illinois Springfield says the rich must be taxed more if the country is to rebound from a recession and invest in its future.
UIS Emeritus Professor of Philosophy Peter Wenz spoke with WUIS’ Peter Gray about his new book "Take Back The Center", and why regaining what he calls a “sane center” in American politics is so important as the “fiscal cliff” looms.
Wenz was featured by WUIS on November 26, 2012.
Listen to the story online
Most Republicans in Washington are staunchly opposed to raising tax rates on the wealthiest Americans to help reduce the deficit.
But an author and philosophy scholar at the University of Illinois Springfield says the rich must be taxed more if the country is to rebound from a recession and invest in its future.
UIS Emeritus Professor of Philosophy Peter Wenz spoke with WUIS’ Peter Gray about his new book "Take Back The Center", and why regaining what he calls a “sane center” in American politics is so important as the “fiscal cliff” looms.
Wenz was featured by WUIS on November 26, 2012.
Listen to the story online
Friday, November 5, 2010
Fast growing companies rely on overseas growth
Ron McNeil, dean of the College of Business and Management at the University of Illinois Springfield was featured on American Public Media's Marketwatch on November 5, 2010.
The following is a portion of the transcript from the radio interview:
JEREMY HOBSON: Earnings season continues this morning with quarterly reports from Beazer Homes,and Dish Network. If there's been one pattern this earnings season, it's this: companies that are growing are relying on sales overseas for that growth.
We're going to dig into that now with Ron McNeil. He heads the College of Business and Management at the University of Illinois-Springfield. Ron, thanks for joining us.
RON MCNEIL: Thank you Jeremy.
HOBSON: Well, we've seen earnings in the last couple weeks. Merck says it now gets 18 percent of revenue from emerging markets. Dow Chemical, Proctor and Gamble, this is obviously a trend by why is there such growth in emerging countries and not here in the U.S.?
MCNEIL: Well, emerging markets are coming out of very little. So their consumer markets are great. Any growth is big growth but when you're talking about populations of a billion in India, 1.3 billion in China, even 300- or 400 million people in China buying more makes a huge impact.
Download the full text of the interview as a PDF
Listen to the interview online
The following is a portion of the transcript from the radio interview:
JEREMY HOBSON: Earnings season continues this morning with quarterly reports from Beazer Homes,and Dish Network. If there's been one pattern this earnings season, it's this: companies that are growing are relying on sales overseas for that growth.
We're going to dig into that now with Ron McNeil. He heads the College of Business and Management at the University of Illinois-Springfield. Ron, thanks for joining us.
RON MCNEIL: Thank you Jeremy.
HOBSON: Well, we've seen earnings in the last couple weeks. Merck says it now gets 18 percent of revenue from emerging markets. Dow Chemical, Proctor and Gamble, this is obviously a trend by why is there such growth in emerging countries and not here in the U.S.?
MCNEIL: Well, emerging markets are coming out of very little. So their consumer markets are great. Any growth is big growth but when you're talking about populations of a billion in India, 1.3 billion in China, even 300- or 400 million people in China buying more makes a huge impact.
Download the full text of the interview as a PDF
Listen to the interview online
Local business mood cautious, survey finds
The cautious mood of local companies is little changed from last spring, according to a fall update from the University of Illinois Springfield.
One-third of more than 170 sample firms and organizations surveyed said the Sangamon County economy will slow down in the coming year, while 18 percent expected growth and a little less than half expected no change.
UIS conducts the survey for the Greater Springfield Chamber of Commerce each spring and fall.
“The folks I’m talking too are cautiously optimistic that we have turned the corner on the recession. There is not a huge rush to add a bunch of employees, which is problematic for the nation as a whole,” Erich Bloxdorf, executive vice president of the chamber, said Thursday.
The survey was featured in a November 5, 2010, article in The State Journal-Register.
Download a PDF of the article
One-third of more than 170 sample firms and organizations surveyed said the Sangamon County economy will slow down in the coming year, while 18 percent expected growth and a little less than half expected no change.
UIS conducts the survey for the Greater Springfield Chamber of Commerce each spring and fall.
“The folks I’m talking too are cautiously optimistic that we have turned the corner on the recession. There is not a huge rush to add a bunch of employees, which is problematic for the nation as a whole,” Erich Bloxdorf, executive vice president of the chamber, said Thursday.
The survey was featured in a November 5, 2010, article in The State Journal-Register.
Download a PDF of the article
Wednesday, August 4, 2010
Richard Judd: Entrepreneurship, investment, job creation
The following is a portion of an article written by Richard Judd, National City Distinguished Professor Emeritus at the University of Illinois Springfield. It was published in a August 4, 2010, edition of The State Journal-Register.
"Historically, the American economy has been rooted in the underlying concepts set forth in the Constitution over 200 years ago.
Freedom of expression, ownership of private property and economic opportunity are the hallmarks of the American story.
In economic terms, America has been a system marked by open competition in a free market wherein the means of production and distribution are privately or corporately owned, with development proportionate to increasing accumulation and reinvestment of profits.
This free enterprise approach to our social and economic system has provided the highest standard of living ever known to mankind, the envy of the world’s nation-states."
Download a PDF of the article
"Historically, the American economy has been rooted in the underlying concepts set forth in the Constitution over 200 years ago.
Freedom of expression, ownership of private property and economic opportunity are the hallmarks of the American story.
In economic terms, America has been a system marked by open competition in a free market wherein the means of production and distribution are privately or corporately owned, with development proportionate to increasing accumulation and reinvestment of profits.
This free enterprise approach to our social and economic system has provided the highest standard of living ever known to mankind, the envy of the world’s nation-states."
Download a PDF of the article
Wednesday, May 5, 2010
Richard Judd: Debt and taxes
“America is laden with massive debt and continues to pile up at incomprehensible levels, which is a major cause of our current economic crisis and a formidable barrier to any recovery. When our national debt is expressed as a percentage of gross domestic product, it shows our ability to pay off our debt.
In 1981, America’s debt-to-GDP ratio was just over 33 percent. Now it is 69 percent and rising. In earlier times, America taxed itself to pay for government services it received. “Tax and spend” was the mantra. Gradually the mantra changed to “borrow and spend.”
The State Journal-Register published comments from Richard Judd, the National City Distinguished Professor Emeritus at the University of Illinois Springfield in a May 5, 2010, edition.
Download a PDF of the article
In 1981, America’s debt-to-GDP ratio was just over 33 percent. Now it is 69 percent and rising. In earlier times, America taxed itself to pay for government services it received. “Tax and spend” was the mantra. Gradually the mantra changed to “borrow and spend.”
The State Journal-Register published comments from Richard Judd, the National City Distinguished Professor Emeritus at the University of Illinois Springfield in a May 5, 2010, edition.
Download a PDF of the article
Monday, May 3, 2010
Summer jobs for students harder to find this year
Memo to high school and college students looking for summer jobs: You should have started yesterday.
Adult workers and the economy are squeezing the summer job market, and some summer jobs that previously could be counted on simply aren’t there this year.
Tammy Craig, director of career services at the University of Illinois Springfield, agrees that the summer job market is tighter.
“Absolutely,” she said. “It’s slim pickings right now.”
She said her listings include a job as a summer day camp counselor, jobs at a day camp and pool, and an ice delivery driver. But she said there’s no way to tell if those postings already have been filled.
Craig's comments were featured in a May 3, 2010, edition of The State Journal-Register.
Download a PDF of the article
Adult workers and the economy are squeezing the summer job market, and some summer jobs that previously could be counted on simply aren’t there this year.
Tammy Craig, director of career services at the University of Illinois Springfield, agrees that the summer job market is tighter.
“Absolutely,” she said. “It’s slim pickings right now.”
She said her listings include a job as a summer day camp counselor, jobs at a day camp and pool, and an ice delivery driver. But she said there’s no way to tell if those postings already have been filled.
Craig's comments were featured in a May 3, 2010, edition of The State Journal-Register.
Download a PDF of the article
Tuesday, April 27, 2010
State budget crisis hitting local businesses' bottom line
More than two-thirds of local businesses say state budget problems and late payments have hurt their bottom line.
A spring economic survey by the University of Illinois Springfield also found that business owners believe chronic financial problems at the state will remain a major challenge in the coming year.
Nonetheless, the survey also found that local business owners are in a somewhat better mood than last fall, though they expect the economic recovery to be slow.
More than a quarter expect at least some business growth this year, up 4 percentage points from a September survey. Nearly three-fourths expect the economy to stay about the same or to continue its decline.
“Things are looking better, but they are not real confident yet,” said Patty Byrnes with the Center for State Policy and Leadership at UIS.
The survey was featured in a April 27, 2010, article in the State Journal-Register.
Download a PDF of the article:
20100427-SJR-State-budget-crisis.pdf
A spring economic survey by the University of Illinois Springfield also found that business owners believe chronic financial problems at the state will remain a major challenge in the coming year.
Nonetheless, the survey also found that local business owners are in a somewhat better mood than last fall, though they expect the economic recovery to be slow.
More than a quarter expect at least some business growth this year, up 4 percentage points from a September survey. Nearly three-fourths expect the economy to stay about the same or to continue its decline.
“Things are looking better, but they are not real confident yet,” said Patty Byrnes with the Center for State Policy and Leadership at UIS.
The survey was featured in a April 27, 2010, article in the State Journal-Register.
Download a PDF of the article:
20100427-SJR-State-budget-crisis.pdf
Wednesday, April 7, 2010
Richard Judd: Saving capitalism
The following column was written by Richard Judd, National City Distinguished Professor Emeritus at the University of Illinois Springfield. It was published in the State Journal-Register on April 7, 2010.
"For decades the U.S. was the epicenter of advanced technology production. No longer. In 2008 the U.S. exported $275 billion of such goods but imported more than $329 billion. Of those imports, $91 billion came from China. The U.S. depends on advanced technology, yet we are outsourcing production.
The state of global trade in 2010 is as precarious as global finance was before its 2008 collapse, largely because of a free-market approach to global trade and deregulation of the money industry."
Download a PDF of the full column:
20100407-SJR-Richard-Judd-Saving-capitalism.pdf
Friday, December 11, 2009
Professor weighs in on power company's proposed plan
Rocky Mountain Power in Salt Lake City wants to change the way it bills customers for the electricity they use, a decision it says will help lower costs and allow Utahns to better track their electricity usage and respond to changing prices, but that is receiving criticism from experts in the field.
Karl A. McDermott, a professor of business and government at UIS, was one expert who weighed in on the situation in a December 11, 2009, article in the Salt Lake Tribune.
Download a PDF of the article
20091211-SaltLakeTribune-utility.pdf
Karl A. McDermott, a professor of business and government at UIS, was one expert who weighed in on the situation in a December 11, 2009, article in the Salt Lake Tribune.
Download a PDF of the article
20091211-SaltLakeTribune-utility.pdf
Rate plan receives criticism from experts
Customers who buy their power from Duke Energy in South Carolina face a 9.2 percent price hike by February under a settlement agreement between the company and the Office of Regulatory Staff, the state agency charged with protecting the public interest in utility matters.
If South Carolina's Office of Regulatory Staff had employed the same average and peak method for cost allocation method as other states like Michigan, Duke's residential customers might not be facing such a steep rate hike at the same time manufacturers are set to get a decrease, according to Carl Peterson, a professor in the Center for Business and Regulation at the University of Illinois Springfield.
Comments from Peterson were featured in a December 11, 2009 article published in the (South Carolina) State.
Download a PDF of the article
20091211-State-Dukerateplan.pdf
Friday, October 30, 2009
U of I Classes in Peoria
The UIS Peoria Center was previously located on the ICC campus in East Peoria.
According to the Dean of the College of Business Management, moving downtown provides convenience and affordability for those seeking a bachelors or M.B.A.
He says in these economic times, it's important for Peoria to have affordable public education in the heart of the city.
The Peoria Center was featured in an October 29, 2009 report on WEEK-TV and WHOI-TV.
Read more and watch the report online:
http://www.centralillinoisnewscenter.com/news/local/67424667.html
According to the Dean of the College of Business Management, moving downtown provides convenience and affordability for those seeking a bachelors or M.B.A.
He says in these economic times, it's important for Peoria to have affordable public education in the heart of the city.
The Peoria Center was featured in an October 29, 2009 report on WEEK-TV and WHOI-TV.
Read more and watch the report online:
http://www.centralillinoisnewscenter.com/news/local/67424667.html
Monday, July 27, 2009
Furlough days a possibility for U of I
A message from University of Illinois President B. Joseph White and the chancellors at the three U of I campuses went out alerting staff and faculty that unpaid furlough days may be considered as a way to alleviate any budget deficits.
The topic was featured in a July 22, 2009, article in the State Journal-Register.
Download a PDF of the story
20090722-SJR-furlough%20days.pdf
The topic was featured in a July 22, 2009, article in the State Journal-Register.
Download a PDF of the story
20090722-SJR-furlough%20days.pdf
Monday, July 13, 2009
Springfield Enterprise Index predicts slow economy
The Greater Springfield Enterprise Index, a University of Illinois at Springfield index, indicates “below normal” local economic activity for April and projects lagging growth for the rest of 2009.
Compared to previous indexes, this is the first time a major slowing of the economy has been seen, according to Patty Byrnes, professor of economics at UIS.
The index was the feature of a July 9, 2009 article in the State Journal-Register.
Download a PDF of the article
20090709-SJR-SEIeconomy.pdf
Compared to previous indexes, this is the first time a major slowing of the economy has been seen, according to Patty Byrnes, professor of economics at UIS.
The index was the feature of a July 9, 2009 article in the State Journal-Register.
Download a PDF of the article
20090709-SJR-SEIeconomy.pdf
Friday, January 16, 2009
UIS hosts economic outlook breakfast for Chamber
UIS hosted the annual economic outlook breakfast for the Greater Springfield Chamber of Commerce on Thursday, January 15, 2009. A UIS index was released at the breakfast and forecasts a rebound in the local economy this spring.
The meeting and the event's speaker, national economist Robert Genetski, were featured in a January 16, 2009, article by the State Journal-Register.
Download a PDF of the article
20090116-SJR-Chamberbreakfast.pdf
The meeting and the event's speaker, national economist Robert Genetski, were featured in a January 16, 2009, article by the State Journal-Register.
Download a PDF of the article
20090116-SJR-Chamberbreakfast.pdf
Thursday, January 15, 2009
Illinois' campuses boost economy
The University of Illinois' three campuses add $13 billion to the state's economy every year, according to a new study from the Institute of Government & Public Affairs.
The study also said university campuses in Urbana-Champaign, Chicago and Springfield pump another $9 billion indirectly into the state's economy as their employees spend their salaries and other university money circulates through the economy.
This new study was written about in a January 14, 2009, Associated Press article.
Download a PDF of the article
20090114-AP-univhelpseconomy.pdf
The study also said university campuses in Urbana-Champaign, Chicago and Springfield pump another $9 billion indirectly into the state's economy as their employees spend their salaries and other university money circulates through the economy.
This new study was written about in a January 14, 2009, Associated Press article.
Download a PDF of the article
20090114-AP-univhelpseconomy.pdf
Wednesday, November 19, 2008
Campus Town may be moving closer to reality
With the BOT approval of UIS' updated Campus Master Plan, the development of a Campus Town, to be located on the west side of campus outside the ring road, has moved a step closer to becoming a reality.
WCFN reporter Blake Wood posted a report November 14, 2008, on MyCFN News.
Download a pdf file
20081114-wcfn-CampusTown.pdf
WCFN reporter Blake Wood posted a report November 14, 2008, on MyCFN News.
Download a pdf file
20081114-wcfn-CampusTown.pdf
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